Former Coinbase CTO Bets $2M on Bitcoin Reaching $1M in 3 Months
• Balaji Srinivasan, a former CTO at Coinbase, placed a $2 million bet that Bitcoin will reach $1 million by June 17.
• Srinivasan made the bet with Medlock and believes that US dollar deflation could cause hyperinflation that would drive Bitcoin’s value to $1 million.
• If Bitcoin doesn’t hit $1 million by the set date, Medlock will be rewarded 1 BTC and $1M in USDC.
Former Coinbase CTO Makes Million Dollar Bet
Balaji Srinivasan, a former CTO at cryptocurrency exchange Coinbase, has placed a $2M bet on the price of Bitcoin (BTC) rising to $1M by June 17. The bet was made with James Medlock and if Bitcoin fails to hit the set amount by then, Medlock will be rewarded 1 BTC and $1M worth of USD Coin (USDC).
The Crisis That Could Lead To Deflation Of U.S Dollar
Srinivasan stated he is moving an additional $1 million in USDC for this purpose as he believes a crisis is imminent which would cause the deflation of the U.S dollar which could lead to hyperinflation situation driving up the price of Bitcoin.
A Smart Contract For The Betting Rules
In order to make sure everything ran smoothly when it comes to this bet, a smart contract outlining all the rules was created with help from other Twitter users so both parties can abide by them without any issues arising.
Could This Bet Pay Off?
It remains to be seen whether or not Srinivasan’s prediction will come true but as of now it seems like his bold move is one worth looking out for over these coming months until June 17th when we’ll finally find out if his prediction holds true or not and whether or not he’ll walk away with an additional 1 BTC and 1 USDC in his wallet!
Overall it looks like this daring wager between two prominent figures in crypto space has already caught people’s attention even though nothing has been decided yet – one thing is certain however – something big might just happen if Balaji’s prediction turns out right!